This was super important for me: Make sure you understand the difference between the types of interests and rights that can be passed along to an heir, for example if your agreement is set up so that your partner's SO gets his share upon his death, does that person only have economic interest (just gets to collect their half of proceeds) or voting/decision rights?

Members of BP will NOT steal your deal - most likely encourage you how to proceed (or not) and there will be some who can help you in different ways including investing. 

Like I said we are new to all of this so any suggestion or advice on how to proceed would be most appreciated.

Is the taxes and insurance escrowed?

And refinancing the FHA loan would allow me to get rid of PMI insurance which would help cash flow.

During the due diligence and loan application period, I had an insurance policy set up. 

However, something to be aware of is that your credit score affects not only your interest rate, but also your mortgage insurance.

Hey guys,Has anyone tried getting title insurance on a property they bought in a tax or mortgage foreclosure by a quit claim deed? 

As others have pointed out, Chicago and Austin have gotten pretty pricey and TX has some of the highest property taxes and insurance rates  in the country making it hard to cash flow.

Insurance should also be more in the $70-$80 per month area for this kind of property.